Large holders have completed their sell-off: Bitcoin has found a bottom and is ready for a surge.
The bitcoin market has experienced a classic cycle of panic selling followed by absorption: whales bought up coins from weak hands, and now selling pressure is completely exhausted.
After a two-week decline in the BTC price from $71,300 to $61,400, a reversal occurred in the market. On June 14, quotes bounced back to $65,704, and this rebound is not a coincidence but a natural result of liquidity redistribution among participants.
Three phases: panic, accumulation, reversal
The first phase occurred on June 1–4. At that time, old coins flooded exchanges en masse: the Inflow CDD (Coin Days Destroyed) indicator surged to 2.16 million, crashing the price from $71,300 to $63,800. This was a classic panic sell-off by long-term holders unwilling to endure the drawdown.
The second phase—absorption—unfolded from June 5 to 10. At the $61,400 level, large players entered the game: over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets. The Exchange Whale Ratio soared to 62.3%, meaning whales were actively "absorbing" panic sales, buying up coins from less resilient holders.
The third phase—rebound and reversal—took place on June 11–14. As sellers became exhausted, an acute supply shortage emerged in the market. Inflow CDD plummeted from 2.16 million to nearly zero (just 33,000), signaling a complete halt in selling by large long-term holders.
Why the bottom is reliably formed
The key signal is the reversal in the aggregate supply of whales (wallets with a balance of 100 BTC or more). On June 14, this metric officially shifted from a downward trend to an upward one, triggering a strong price rebound to $65,700. This is not a short-term technical bounce but a change in the very market structure: capital has flowed from weak hands to strong ones.
Given the depletion of exchange reserves, the path of least resistance for bitcoin is now upward. Available supply for sale on exchanges is shrinking, and coins accumulated by large holders are moving into long-term storage.
Analyst comment: The current situation resembles a classic accumulation pattern ahead of a major move. If whales have indeed completed their sell-off and begun building positions, the $60,000–$61,500 zone becomes a solid bottom. The only question is whether bulls will have enough momentum to break through the $67,000–$68,000 resistance in the coming days.